Kakao, Toss Partner With Circle on Stablecoin Infrastructure

According to Yonhap, South Korea's major platform operators Kakao Group and Toss have separately signed memorandums of understanding with Circle Internet Group Inc., the issuer of the USDC stablecoin, to cooperate on digital asset infrastructure. Kakao said it will work with Circle on payment infrastructure and digital asset technology and will look for business opportunities in digital finance, including won-based stablecoins and related services. Toss, operated by Viva Republica and Toss Bank, said its strategic MOU with Circle covers potential partnerships in payment infrastructure and stablecoin technology, and the two companies plan to test payment systems that use biometric authentication with stablecoin-based services.